Sagoon, a New Delhi and Washington DC based social media startup, announces the closing of its Private Placement Opportunity for potential investors. It has acquired several investors since its team announced a private placement opportunity last month. The investment opportunity, which is exclusively available for Accredited Investors, is intended to help the company raise a maximum capital of US$1.8mn.
Sagoon will be closing its Private Placement Offering on 15th August, 2016. It has acquired several investors within a month of announcing this investment opportunity.
Commenting on this funding opportunity, Swati Dayal, Co-founder, said, “We are extremely happy to have this opportunity to raise funding via Private Placement Offer (PPO), which can enable accredited investors in India to capitalize up-and-coming tech ventures. We plan to utilize this investment in scaling our product infrastructure, and develop & launch mobile apps in the near future.”
Sagoon is a unique social commerce platform that allows its users to interact with other like-minded individuals, share information, and earn money. It aims to solve the negative aspects that users typically experience on other social media platforms, and provide them with a platform that is more engaging.
Registered users can utilize all of the social commerce site’s applications, including – ‘My Day’ (a daily task manager), ‘MoodTalk’ (a mood chatroom), and ‘Secrets’ (a secret-sharing application). With MoodTalk, users can demonstrate their mood using simple icons, which allows them to communicate their feelings with their contacts. Similar to other social media platforms, Sagoon deletes all personal and group conversations after 24 hours.
Additionally, Sagoon plans to introduce another feature later this year. The platform’s Social Smart Card will compensate users for interacting with various features available on its platform. Users will receive a free Social Smart Card when they create a profile and register to join the Sagoon community. From there, registered users may buy and send gift cards to connected friends and family. Rather than having multiple gift cards, users may take advantage of one Social Smart Card, redeemable at certified retail partners. Using the Sagoon Social Smart Card, users will receive 5% cashback on all transactions.
Users can also choose to use Sagoon anonymously when creating and sharing secrets with either other users on this platform, or with a specific individual. Since it assure privacy of individuals, Sagoon also highlights secrets, and offers the ability to like, dislike, share or comment on the same. It also enables users to track their secrets and see in which cities and/or countries it has be read.